What are some common variance analysis techniques?
An example of an AI chatbot conversation about variance analysis techniques in finance.
What are some common variance analysis techniques?
Common variance analysis techniques include flexible budgeting, standard costing, and variance reporting.
Can you explain flexible budgeting?
Flexible budgeting adjusts budgeted amounts based on actual activity levels, allowing for more accurate variance analysis.
What is standard costing?
Standard costing involves assigning expected costs to products, which helps in measuring performance against those standards.
How do I perform variance reporting?
Variance reporting compares actual results to budgeted figures, highlighting discrepancies for further analysis.
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